|Specialty||# of Agencies|
|Single House or Condo||5|
|Home Owners Association||6|
|Total Local Companies||12|
The average rent for a 3 bedroom house in Detroit, MI is $1,206.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Detroit, MI Rental Market Overview
Detroit is the largest city in the state of Michigan and one of the largest in the United States. And in recent years, renting has become quite popular there.
The latest data from the U.S. Census Bureau shows the city itself has seen its population decline appreciably in the last decade, to a total of about 714,000 residents, but that rentals there are significantly higher than Michigan's statewide average.
There are a number of major employers in the city, including its public school system, the municipal government and several healthcare companies. Obviously, the automotive industry also plays a significant role in the Motor City's economy as well.
Residents also have a number of exciting attractions available to them within city limits. The city is home to teams in each of the four major North American sports, with the successful Detroit Red Wings NHL franchise being particularly popular among residents, who refer to the city as Hockeytown.
The city also has a few museums, historic districts, casinos and other attractions for residents and tourists alike. In addition, it's also home to several popular music scenes.
Numerous Property Management Firms to Choose From in Detroit
Because renting is so popular in Detroit, many property owners may find it difficult to effectively manage these buildings on their own. For this reason, they may be interested in seeking out a property management company.
These companies specialize in all kinds of property management needs, from basic things like conducting routine maintenance to collecting rent to interviewing prospective renters. Property owners who invest in such a service can expect their buildings to run as efficiently as possible.
Detroit Rental Market at a Glance
|2012 Population||4.3 million||380 million|
|2010 Percentage of renters||38.90%||34.00%|
|2013 (1st Q) Rental vacancy rate||11.3%||8.40%|
|2013 Median house price||$65,000||$185,000|
|2013 Median Family income||$27,862||$51,400|
|2013 Median rent (3 bedroom)||$1,172||$1,350|
The greater area of Detroit, Michigan (population: 4,292,060) had a quick drop in its vacancy rates between the third and fourth quarters of 2010 from 15.5% to 10.4% but has since risen to 11.3% for the beginning of 2013. The median rent has slightly increased since 2010 from $1,007 to $1,172 today. The median family income is $27,862 and the median home price is $65,000.
Vacancy rates and population estimates taken from census.gov/housing
Rent data from HUD.gov
Median family income and price from CNNMoney.com
Percentage of renters reported by City-data.com
Finding Detroit Property Management Companies
Locating the right property management company for you is vital to ensuring your business is run smoothly and efficiently.
Sign up with All Property Management to choose from Detroit's top property management companies. Just type your zip code into our search engine and you'll discover a variety of management firms in Detroit to receive free quotes from.